On 9th January 2020, the UK Institute of Internal Audit published its first code of practice.
The Code applies to UK organisations in the private and third sectors with an internal audit function and audit committee of independent non-executive directors. The Code is based on Effective Internal Audit in the Financial Services Sector (‘the Financial Services Code’).
The Code is principles-based and it is expected that the Code should be applied proportionately, and therefore smaller organisations should apply the principles according to their size, risk profile and internal organisation and the nature, scope and complexity of their operations.
The Code can be downloaded click here